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169

The Neoclassical Roots and Origin Narratives of Shareholder Value

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terms
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Ho, K. (2009). The Neoclassical Roots and Origin Narratives of Shareholder Value. In Ho, K. Liquidated: An Ethnography of Wall Street. Duke University Press Books, pp. 169-212

181

Given this historical opportunity created by the state's war economy, corporate leaders and Wall Street developed the tenets of shareholder democracy to promote their own long-sought cultural and economic legitimacy, articulate a conservative, anti-regulatory, anticollective political agenda, and obscure unequal class antagonisms through an employee buy-in of the corporate class agenda. [...] Wall Street investment trusts and brokerages argued against the necessity of labor organizations and government-administered social welfare, for the individual can "compensate for his lack of independent proprietorship in the traditional sense by assuming the mantle of corporate shareholder"; in an era of large corporations, it was through "investment, rather than production or consumption," that individual economic betterment could be pursued [...]

[...]

Wall Street and corporate executives advocated for widespread shareholding, not as a vehicle to give shareholders control (as public shareholding was understood and actualized as a dilution of control), but a cultural rehabilitation. Their motives were to promote conservative social and political goals designed explicitly to counter state regulation of markets, foreclose contestation over the control of corporate governance by invoking the semblance of agency via investing, and resist worker unrest. [...]

maybe the diff here is that one is exclusion by default and the other is inclusion by default. and when the stakes include people's lives, then inclusion by default is better, independent of how "good" or "efficient" either option is

but yeah very relevant to SV today. also, similar to gamification? a competition where antagonism is directed against others (or you vs the market as an individual) which precludes the possibility of overarching revolt

—p.181 by Karen Ho 2 years, 5 months ago

Given this historical opportunity created by the state's war economy, corporate leaders and Wall Street developed the tenets of shareholder democracy to promote their own long-sought cultural and economic legitimacy, articulate a conservative, anti-regulatory, anticollective political agenda, and obscure unequal class antagonisms through an employee buy-in of the corporate class agenda. [...] Wall Street investment trusts and brokerages argued against the necessity of labor organizations and government-administered social welfare, for the individual can "compensate for his lack of independent proprietorship in the traditional sense by assuming the mantle of corporate shareholder"; in an era of large corporations, it was through "investment, rather than production or consumption," that individual economic betterment could be pursued [...]

[...]

Wall Street and corporate executives advocated for widespread shareholding, not as a vehicle to give shareholders control (as public shareholding was understood and actualized as a dilution of control), but a cultural rehabilitation. Their motives were to promote conservative social and political goals designed explicitly to counter state regulation of markets, foreclose contestation over the control of corporate governance by invoking the semblance of agency via investing, and resist worker unrest. [...]

maybe the diff here is that one is exclusion by default and the other is inclusion by default. and when the stakes include people's lives, then inclusion by default is better, independent of how "good" or "efficient" either option is

but yeah very relevant to SV today. also, similar to gamification? a competition where antagonism is directed against others (or you vs the market as an individual) which precludes the possibility of overarching revolt

—p.181 by Karen Ho 2 years, 5 months ago

(verb) to break apart or in two; separate by or as if by violence or by intervening time or space / (verb) to become parted, disunited, or severed

189

The neoclassical sequence of capitalist causality is sundered when the putative owner of property surrenders both control and automatic entitlement to its proceeds

—p.189 by Karen Ho
notable
2 years, 5 months ago

The neoclassical sequence of capitalist causality is sundered when the putative owner of property surrenders both control and automatic entitlement to its proceeds

—p.189 by Karen Ho
notable
2 years, 5 months ago
197

[...] He stressed the importance of the modern corporation as a social organization which serves the material and cultural needs of the people, and in this vein, "those endowed with the ability to lead these great organizations should begin to conceive of their remuneration partly in terms of the satisfaction of making a real contribution to national progress" [...] equate business leaders with educators, scientists, and public servants, stressing the importance of employee confidence and security.

this is theodore houser, ceo of sears in 1957, in a lecture to columbia's business school. hell yeah

—p.197 by Karen Ho 2 years, 5 months ago

[...] He stressed the importance of the modern corporation as a social organization which serves the material and cultural needs of the people, and in this vein, "those endowed with the ability to lead these great organizations should begin to conceive of their remuneration partly in terms of the satisfaction of making a real contribution to national progress" [...] equate business leaders with educators, scientists, and public servants, stressing the importance of employee confidence and security.

this is theodore houser, ceo of sears in 1957, in a lecture to columbia's business school. hell yeah

—p.197 by Karen Ho 2 years, 5 months ago